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Talking Points
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Strategy: Flat
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Doji Suggests Indecision Near 2014 Low
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Awaiting Bearish Signals In Intraday Trade
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AUD/USD is at a critical juncture near its 2014 low with a Doji on the daily suggesting reluctance from the bears to lead the pair lower. Yet in the absence of key bullish reversal signals the prospect of a recovery is questionable. A downside break of the nearby barrier would potentially pave the way for a run on the July ’10 low near 0.8320.
AUD/USD: Doji Suggests Reluctance From The Bears Near Key Support
Daily Chart - Created Using FXCM Marketscope 2.0 Volume Indicator Available Here
The four hour chart reveals the Aussie is struggling at the intraday 0.8660 barrier. The emergence of a bearish reversal pattern at the ceiling would be seen as a fresh opportunity to enter short positions.
AUD/USD: Awaiting Bearish Reversal Patterns In Intraday Trade
4 Hour Chart - Created Using FXCM Marketscope 2.0 Volume Indicator Available Here
By David de Ferranti Currency Analyst DailyFX
Follow David on Twitter: @DaviddeFe
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